CHINESE TRADE MINISTER CALLED ON SHRI RUDY

   IT and software & agro products would prove vital to increase the trade with China and there is a need to strengthen mutual understanding at governmental level and business level. Shri Rajiv Pratap Rudy, Minister of State for Commerce & Industry, said this in a meeting with Chinese Vice Minister of Foreign Trade & Economic Cooperation Mr.Zhang Xiang, here today. Shri Rudy said that China is an important trading partner of India and we must strive to improve the present level of Indo-China bilateral trade in commensurate with the potential, given the size of the two countries. The senior officials attended the meeting from both the sides.

    Shri Rudy said that the Indo-China trade amounted to US$ 2297.21 million during 2000-01 registering a growth of 25.84% and mentioned about the tremendous investment opportunities offered by Special Economic Zones (SEZs) being established in India. The Minister elaborated the potential for export of agro products and marine products, including fruits, vegetables, cooking oil, sea food etc.; plastic chemicals, metal and mineral ores, automobile components to China from India. Shri Rudy emphasised the capability of India in software sector and the specialization Indian software companies have developed in banking, insurance, tourism etc.

    The Visiting Minister talked about the excellent growth rate attained by China against the backdrop of global slowdown in economy and informed that his country has adopted pro-active fiscal policy and prudent monetary policy. Mr. Zhang Xiang appreciated India’s efforts in ensuring China’s entry in World Trade Organisation (WTO) and said that Indian companies can take advantage of opening up of Chinese trade sector after this entry.

    Shri Rudy explained that India is maintaining transparency in trade practices when Chinese Minister raised the issue of anti-dumping cases against China by India. He said that India’s actions are never intended to single out China and the actions are in accordance with the principle and procedures laid down in our national law. He added that the two countries are complementary in terms of industrial structure and there should be more exchange of economic and technological aspects between two countries.